Chapter 2: Real Estate License Law & Qualifications for Licensure (MC) Flashcards Preview

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Flashcards in Chapter 2: Real Estate License Law & Qualifications for Licensure (MC) Deck (20):
1

The Florida Real Estate Commission was first created in what year?

a. 1932
b. 1925
c. 1923
d. 1919

b. 1925

2

The real estate license law serves what purpose?

a. to protect the public
b. to protect licensees
c. to clarify the law
d. to grant licenses

a. to protect the public

3

The Florida Real Estate Commission was created to

a. protect the public.
b. administer and enforce the law.
c. discipline licensees.
d. award professional designations.

b. administer and enforce the law.

4

A sales associate failed to complete the required postlicense education prior to renewal. What is the status of his license?

a. revoked
b. suspended
c. involuntarily inactive
d. void

d. void

5

Registration of an active sales associate with the Department refers to

a. placing and keeping on record the sales associate's name and home address.
b. placing and keeping on record the sales associate's name, home address and business address of his or her employing broker.
c. the brother's name and business address.
d. place and keeping on record the sales associate's name, and the business address of his or her employer.

b. placing and keeping on record the sales associate's name, home address and business address of his or her employing broker.

6

Owner-employers of licensed real estate sales associates are allowed to pay them

a. on a salary basis only.
b. on a commission basis only.
c. a commission, but not a bonus.
d. a commission or a salary.

d. a commission or a salary.

7

To quality for a real estate broker's license, an applicant must have been employed for a minimum of

a. 6 months under one actively licensed broker.
b. 24 months under one actively licensed broker.
c. 24 months under one or more actively licensed brokers.
d. 6 months under one or more actively licensed brokers.

c. 24 months under one or more actively licensed brokers.

8

How many hours of postlicense education are required to renew a broker's license?

a. 14
b. 30
c. 45
d. 60

d. 60

9

Which service does NOT require a real estate license?

a. leasing
b. mortgaging
c. buying
d. selling

b. mortgaging

10

Information that appears on a Florida real estate license does NOT include

a. the Seal of the State of Florida.
b. an expiration date.
c. the signature of the Governor.
d. the name of the Secretary of Business and Professional Regulation.

c. the signature of the Governor.

11

How long can a voluntary inactive licensee remain in that license status?

a. 2 years
b. 4 years
c. 10 years
d. indefinitely

d. indefinitely

12

To quality for a Florida real estate license, an applicant must

a. be a citizen of the United States.
b. be a Florida resident.
c. be at least 21 years of age.
d. have a high school education or equivalent.

d. have a high school education or equivalent.

13

An attorney in fact

a. must be a member of the Florida Bar.
b. may be paid a commission for services of real estate.
c. is authorized by a power of attorney to act for another.
d. is required to hold an active real estate license.

c. is authorized by a power of attorney to act for another.

14

Which choice describes an exemption from the licensing requirements of Florida Statute 475?

a. partners in real estate partnerships that receive compensation in excess of their interest in the partnership for performance of real estate services on behalf of the partnerships.
b. condominium managers paid on a commission basis for rentals of less than 1 year.
c. appraisers certified under Florida Statute 475, Part II, when performing brokerage services.
d. attorneys performing legal duties in connection with a real estate transaction.

d. attorneys performing legal duties in connection with a real estate transaction.

15

An actively licensed attorney that is a member in good standing with the Florida Bar

a. may charge commissions in connection with real estate activities.
b. is exempt from continuing education requirements to maintain a real estate license.
c. is not allowed to simultaneously hold a real estate license.
d. may be licensed as a broker but not as a sales associate.

b. is exempt from continuing education requirements to maintain a real estate license.

16

A broker associate is a

a. broker.
b. sales associate.
c. broker employed as a sales associate.
d. sales associate employed as a broker.

c. broker employed as a sales associate.

17

The agreement the state of Florida has with some other states that recognizes the similarity in education and experience required of licensees is called

a. reciprocity.
b. mutual recognition.
c. cooperative licensure.
d. intrastate licensing.

b. mutual recognition.

18

A plumber has been appointed by a court to appraise a small business. The plumber

a. is in violation of F.S. 475.
b. is allowed to charge a commission.
c. may do so and be paid a fee.
d. must first be licensed under F.S. 475, Part II.

c. may do so and be paid a fee.

19

Exemptions from the real estate license law do NOT include

a. employees of a corporation being paid on a salary basis.
b. partners in a partnership that receive the pro rata share of the profits.
c. managers of condominiums renting units within the complex for periods of up to 1 year.
d. funeral directors.

d. funeral directors.

20

A Georgia broker with extensive experience conducting auctions was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the Georgia broker for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the

a. Georgia broker violated the license law.
b. Florida broker did not violate the license law.
c. Florida broker is not subject to discipline by the FREC
d. transaction is perfectly within the license law.

a. Georgia broker violated the license law.

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